E-Financial
CBN Grants Kakawa Discount House Merchant Banking licence

Central Bank of Nigeria (CBN) has approved a merchant banking licence for First Bank Nigeria Holdings Plc, through its subsidiary, the Kakawa Discount House Ltd.
Mr. Bello Maccido, FBN Holdings group chief executive officer, made announcement at the company’s third Annual General Meeting (AGM) held in Lagos.
He said that the final approval was granted to the company by the CBN on May 19, adding that the Kakawa Discount House applied for the licence in December 2014.
Maccido said that the development would allow the company to use additional windows to sell investment banking products.
“To have a merchant banking licence will be beneficial to the shareholders in the medium to long-term,” Maccido said.
According to him, the licence would also leverage the company’s capacity to pay enhanced dividend to shareholders in the nearest future.
Maccido added that the company in 2014 increased its holding in the Kakawa Discount House to 100 per cent from 46 per cent.
NAN reports that there are currently two licenced merchant banks in the country, namely FSDH Merchant Bank Ltd and Rand Merchant Bank.
On the company’s low dividend for its 2014 operations, Maccido attributed the development to the significant reduction in dividend received from its subsidiaries, especially First Bank of Nigeria Plc.
He said that the company retained its profits because of the increased capital requirement of the CBN following the adoption of Basel 2 capital accord during the period under review.
Maccido said that the company lost N68 billion revenue in 2014 to cash reserve requirement (CRR) alone.
“FBN has reduced its pay-out ratio and retained a substantial portion of profit to boost capital which impacted the capacity of FBN Holdings to pay dividends,” Maccido said.
“With the retention of N79.6 billion, we are confident that the capital adequacy ratio (CAR) is adequate for business in the short to medium term,” he added.
Mr. Bisi Onasanya, FBN managing director, told the shareholders that the bank would be debited N64 billion by the CBN on May 21, as additional CRR.
Onasanya said that the bank would discount some of its treasury bills and bonds to cover up for the debited funds.
Earlier, Mr. Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), commended the company for saving for the rainy day and higher future dividends.
Nwosu enjoined the company to ensure the payment of an interim dividend to augment the 10k dividend declared and the bonus of one for 10.
He also commended the company’s management for avoiding contraventions and other penalties of regulators.
Mr. Boniface Okezie, president, Progressive Shareholders Association of Nigeria (PSAN), decried the various charges being paid with shareholders’ funds to CBN, the Assets Management Company of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC).
Okezie said that the shareholders may be forced to challenge the various regulators in court, to protect their investment.
He said that shareholders were being short-changed by the regulators, noting that FBN Holdings shareholders would had received higher dividends and not 10k, if not for charges paid to the regulators.
“It is time to wake up and challenge CBN and AMCON, etc. Our regulators are reckless and impunity is becoming too much in the system,” Okezie said.
The company posted gross earnings of N480.6 billion for the financial year ended Dec. 31, 2014 against the N396.2 billion recorded in the comparative period of 2013.
Profit before tax stood at N92.9 billion, compared with the N91.3 billion in 2013, while profit after tax rose to N82.8 billion, against the N70.6 billion in 2013, an increase of 17.3 per cent.
The company declared a dividend of 10k per share and a bonus of one for 10 to its shareholders, in contrast to the N1.1 dividend per share paid in 2013.
E-Financial
First Asset Management Launches National Initiative to Raise 100m Investment-Smart Nigerians

First Asset Management, one of Nigeria’s leading investment managers and a subsidiary of FirstHoldCo Plc, launches the 100 million Smart Inventors campaign.
Nigeria’s investment market has huge potential, yet it remains underutilised due to widespread distrust, misinformation, and past losses suffered through fraudulent schemes. Trillions of Naira have been lost, leaving many Nigerians fearful and excluded from real, rewarding investments and leaving them on the economic sidelines.
Reports show that less than 5% of adult Nigerians currently participate in the formal capital market, and as low as 0.25% invest in Mutual Funds, a stark contrast to participation rates often exceeding 50% in developed economies like the United States. This highlights the urgent need to restore trust and improve access to credible investment education.
In response to this critical challenge, First Asset Management has announced the launch of a landmark national movement, the “100 million Smart Investors Initiative”. The campaign is positioned as a direct strategy to rebuild investor confidence and democratise financial knowledge across the nation.
According to the firm, the initiative was conceived from the need to address the anxieties that have historically prevented countless Nigerians from participating in real wealth-building investments. Drawing on its track record of trust and market expertise, First Asset aims to cultivate a new generation of informed, confident investors.
At the heart of the initiative is a comprehensive investor education programme. The goal is to transform casual interest in investing into active participation within a supportive, well-informed community.
Beyond expanding investor numbers, the movement seeks to improve the quality of investment decisions by equipping individuals with the tools to evaluate opportunities and avoid fraudulent platforms.
For everyday Nigerians, the initiative promises simplified, practical financial education that demystifies investing. By building a strong peer network through a nationwide community platform, it seeks to reduce the isolation often faced by new investors and promote collective financial empowerment.
Ultimately, the 100 Million Smart Investors movement represents a significant investment in Nigeria’s human capital. By providing actionable steps, success stories, and sustained education, First Asset Management aims to usher in a new era of financial literacy and participation.
This initiative would not only enhance the financial well-being of individuals and families but also contribute to the broader economic prosperity of the nation by channelling dormant capital into productive sectors of the economy.
To kickstart this bold quest, the brand has planned a series of free educational bootcamps, podcasts and community engagement with industry experts and leaders. The inaugural event will take place live on 26 July 2025.
Follow @FirstAssetManagement on all social media handles to stay informed and visit https://first-assetmanagement.com/smart-investors for details on how to join the movement.
E-Financial
PalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025

PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.
The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group – alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.
PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.
In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.
“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.
“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”
As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.
“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.
This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”
PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.
PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.
E-Financial
Fidelity Bank Champions Education in Nasarawa with CSR Project

Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.

L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.
Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.
Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.
The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.
Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.
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